Prada Spa Unsp/Adr

Good day and thank you for standing by. Welcome to the Prada Group 2026 9-month Revenue Update presentation. At this time, all participants are in a listening-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be aware that we'll take and answer one question at a time before moving to the next question. And please also note that today's conference is being recorded. I would now like to turn the conference over to Mr. Andrea Bonini, Group CFO. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining the Prada Group's nine-month 2026 revenue update. With me today is our Group CEO, Andrea Guerra. We will start with some remarks and then move to Q&A. Before we start, please be reminded that during today's call, we may discuss forward-looking statements which are subject to risks, uncertainties, and factors beyond our control, and the actual outcome and returns may differ materially from such statements. Please refer to the disclaimer included at the beginning of our presentation. And with that, I will hand over to Andrea.

Welcome from my side as well, and thank you, Andrea. We are not in the same place, me and Andrea today, so we will bounce back the voices. I'm in Wuhan in China today. We finished third quarter with a set of what we think being a solid set of results. In the world, which is useless to say, has been more complex and I would say more unpredictable. Net revenues are up 15%. considering fixed currencies and the introduction of Versace in the nine months and 4% organic. Net revenue in the quarter have been 11% all included and a plus one organic growth. We could discuss in length of how many different things are happening, ups and downs, low downs, very different touristic partners and weather, yes, weather as well. In a quarterly conversation, it's beginning to be complicated to say if you're doing well, if you're doing bad, what was that week, what's happening. So I always think that the nine months are becoming more and more important in the longer term. But in any case, what is important today is that constantly you are able to show how desirable your brand are, how How proactive you are in the market and what level of conversation you're able to keep with your best clients. So life has changed and I think we are ready for this. Prada in the nine months, always considering that Middle East is out of the picture, is at a plus two, basically all like for like. and I would say in this quarter with a sharp seasonal delay of fall-winter retail sale. I mean, we're seeing retail, you know how ready-to-wear is important for us and we are finally seeing in the last two, three weeks the growth and the acceleration of, I would say, a little bit heavier ready-to-wear. So that is a good signal. Obviously, and I always say this, October is an inverted bracket, useless month before the holiday season. With MiuMiu, it's another couple of quarters where at the end we were not comparing against a huge wall. Last year, these nine months were plus 41%. So we were basically breaking even. and what is positive for Miu Miu and I really think it's very positive it's the appreciation and the enthusiasm around our spring summer 2027 show which was very well received and I think that that will be a kind of safeguard for 2027. For sure, the slowdown of some of the Asian region is influencing more Miu Miu compared to Prada. If we look at Versace, Versace, I mean, we started to talk about Versace nine months ago. We gave you some kind of numbers and Versace is contributing some basically what we had forecasted some very few million less so we are going in the proper direction happy for the progress and we begin to see objects we begin to see things that are part of what collections would look like and so far we're already happy so we're not Just looking and talking about ideas but we're looking to products at this stage and the team is ready. So and to make it short and allow me to talk a little bit one second about Prada which we never do like this but for sure with Prada we have really had a Good nine months with our Chinese clients. We had nine months very good with our Korean and with our American customers. And I think we were in line with the best in Japan. And as I stated other times, in Europe we start slow, especially at the beginning of the year. I think we are catching up. We are catching up also with this Fantastic, unbelievable, I'm very proud of, and we will talk a little bit about it later, of the Prada Galleria project, which is a fantastic brand place, but at the end it's also a great revenue place. So, let me allow Andrea to give you some more details on the numbers.